Value Creation Highlights

Economic value

Millions of pesos 2019 1 2019 2 2018 8 %Change 2017 9 %Change
Total revenues 26,867 506,711 469,744 7.9% 439,932 6.8%
Income from operations 3 2,500 47,152 41,576 13.4% 40,261 3.3%
Operating margin   9.3% 8.9%   9.2%  
Consolidated net income 1,487 28,048 33,079 -15.2% 37,206 -11.1%
Controlling interest net income 4 1,098 20,699 23,990 -13.7% 42,408 -43.4%
Controlling interest earnings per BD unit 5 0.3 5.8 6.7 -13.4% 11.9 -43.7%
Controlling interest earnings per ADS 6 3.1 57.8 67.0 -13.7% 118.5 -43.5%
EBITDA 4,000 75,440 60,458 24.8% 58,165 3.9%
EBITDA margin   14.9% 12.9%   13.2%  
Total assets 33,804 637,541 576,381 10.6% 588,541 -2.1%
Total liabilities 16,532 311,790 240,839 29.5% 251,629 -4.3%
Total equity 17,272 325,751 335,542 -2.9% 336,912 -0.4%
Capital expenditures 1,356 25,579 24,266 5.4% 23,486 3.3%
Total cash and cash equivalents 7 3,476 65,562 62,047 5.7% 96,944 -36.0%
Short-term debt 859 16,204 13,674 18.5% 13,590 0.6%
Long-term debt 5,395 101,747 114,990 -11.5% 117,758 -2.4%
Headcount 8   314,656 297,073 5.9% 295,027 0.7%
  1. U.S. dollar figures are converted from Mexican pesos using the noon-buying rate published by U.S. Federal Reserve Board, which was Ps. 18.8600 per US$ 1.00 as of December 31, 2019.
  2. Starting on January 1st 2019, the Company adopted IFRS16 “Leases” accounting rule using the modified retrospective method under which the comparative information was not restated.
  3. Company’s key performance indicator.
  4. Represents the net income that is assigned to the controling shareholders of the entity.
  5. “BD” units each of which represents one series “B” share, two series “D-B” shares and two series “D-L” shares. Data based on outstanding 2,161,177,770 BD units and 1,417,048,500 B units.
  6. American Depositary Shares, a U.S. dollar-denominated equity share of a foreing-based company available for purchase on an American stock exchange.
  7. Cash consists of non-interest bearing bank deposits and cash equivalents consist principally of short-term bank deposits and fixed rate investments.
  8. Includes headcount from Coca-Cola FEMSA, FEMSA Comercio and FEMSA Strategic Businesses.
  9. The consolidated income statement of 2017 was revised to reflect the discontinued operations of Coca-Cola FEMSA Philippines.

Total Revenues
by Business Unit
millions of Mexican pesos
Ps. 506,711

Total Assets
by Business Unit
millions of Mexican pesos
Ps. 637,541

Income from Operations 1
by Business Unit
millions of Mexican pesos
Ps. 47,152

by Business Unit
millions of Mexican pesos
Ps. 75,440

Coca-Cola FEMSA

FEMSA Comercio:     Proximity Division    Health Division    Fuel Division    Others*

*  Includes FEMSA Strategic Businesses.
1. Company’s key performance indicator.
2. EBITDA equals to Income from operations plus depreciation, amortization and other non-cash items

Social and Environmental Value

FEMSA contributes to the development of the communities and regions where we have a presence by fulfilling our mission: to generate economic and social value through companies and institutions.

Our business model focuses not only on maximizing financial value for our shareholders, but also operating in a sustainable way that makes a positive contribution to society and the environment. In fact, sustainable development continues to be a key element in our business model.

Our business units adhere to ethical business practices aligned with our organizational values. This includes implementing inclusive labor practices, optimizing the use of natural resources, strengthening local supply chains, supporting and developing suppliers, positively transforming communities, and connecting effectively with customers.

In this 2019 integrated Annual Report, we share the ways in which our business simultaneously generates economic and social value, including examples of how sustainability is integrated into our daily operations.



FEMSA’s Strategic Sustainability Framework focuses on nine areas of action, which are based on the most relevant issues for our business and our stakeholders.
For more information,
please see our 2019
GRI Content Index.

In 2019, FEMSA made significant progress toward achieving our corporate goal to source 85% of the total electric energy demand of our operations in Mexico from renewable energy by 2020.

Making our Clean Energy Goal a Reality
By expanding FEMSA’s use of renewable energy, we are contributing to the climate change solution by replacing carbon-intensive energy sources and significantly reducing greenhouse gas (GHG) emissions. With this strategy, we are contributing to the conservation of natural resources and supporting the development of stronger communities.


of our electricity needs in Mexico came from clean sources
at year-end 2019

Powering more than
14,000 sites
with renewble energy


FEMSA Comercio

OXXO stores

distribution centers



Coca-Cola FEMSA

manufacturing plants

distribution centers


FEMSA Strategic Businesses

IMBERA plants

PTM plant

The use of these renewable energy sources contributes to the avoidance of 623,808 tons of CO2 emissions per year, which is equivalent to:

15,969,481 trees

households in Mexico

avoid consuming
barrels of oil


In addition to creating new labor opportunities, renewable energy systems require minimal water to operate and thus do not pollute water resources.


Shaping the Circular Economy
At FEMSA, we are working to find solutions designed to promote sustainable consumption and production practices, that is, doing more with less resources. We are adopting and promoting the principles of the Circular Economy in FEMSA’s business units by redesigning, reducing, reusing, repairing and recycling.

In 2019, we continued to work toward our corporate goal of achieving Zero Waste to Landfill (ZWL) status for all FEMSA operations and facility processes by 2030. This goal does not include post-consumer waste associated with FEMSA products and services. A few examples of our efforts to support the Circular Economy:


Store employee uniforms are manufactured with 50% recycled PET fiber. At the end of their useful life, the uniforms are recycled and used as raw material for other products.

A new recycling facility has the capacity to recover up to 60,000 end-of-life refrigerators per year and either repair and reuse them, or recycle up to 90% of refrigerator components.

Coca-Cola FEMSA
We are redesigning PET bottles to make them lighter, 100% recyclable, and made with higher percentages of recycled material. We are also setting the standard and global benchmark for our high rates of PET collection in Mexico.

* This goal does not include post-consumer waste associated with FEMSA products and services that are disposed of outside the boundaries of FEMSA’s control and facilities.

We continued to work toward our corporate goal of achieving Zero Waste to Landfill (ZWL) status for all FEMSA operations and facility processes by 2030.*

Our Social Contributions
At FEMSA, we contribute to the positive transformation of the communities in the regions where we live and work. Through dialogue and collaboration, we aim to maximize the impact of the people, community partners, and organizations with whom we work. This includes supporting programs and engagement opportunities related to education, entrepreneurship, science and technology, social leadership, culture, and citizen participation. In this way, we multiply the benefits and positive impacts we can make in the community. For example:

OXXO Customer Ticket Round-Up (Programa Redondeo Clientes OXXO): Our store cashiers invite OXXO and YZA customers to donate the cents needed to “round-up” the total value of their purchase to the next integer amount. The collected amounts are donated to local charitable institutions on behalf of customers.

Corporate Volunteering: FEMSA offers time off for employees to participate in community projects during business hours. FEMSA also promotes and enables volunteer opportunities for employees, their family, and friends to contribute their time and talents on weekends.

With the integration of FEMSA’s sustainability strategy as part of our business model, we contribute to the United Nations Sustainable Development Goals, an ambitious plan to achieve a more inclusive, prosperous, sustainable, and resilient world. Joining the efforts of the 2030 Global Agenda means that we are working to make a positive impact towards the improvement of the quality of life and well-being of people, as well as to the sustainable use of natural resources.




Through dialogue and collaboration, we aim to maximize the impact of the people, community partners, and organizations with whom we work.

Sustainable Development Key Performance Indicators

    2019 2018 2017
Total hours of training 8,657,577 8,957,257 10,006,244
Accident index 1 2.48 2.50 2.10
Professional diseases rate 1 0.069 0.017 0.03
Organizational climate result 2 81.00 81.00 80.80
Energy intensity
(Gigajoules / Total Revenues in Ps. million)
34.40 39.95 37.27
Greenhouse gas emissions intensity
(Tons of equivalent CO2 / Total Revenues in Ps. million)
1.77 3.38 3.27
Water efficiency
(liters of water used per liter of beverage produced)
1.52 1.59 1.65
Corporate volunteering hours 461,020 593,300 367,796
Percentage of procurement budget on local suppliers 3 87% 82% 87%
Direct beneficiaries of FEMSA Foundation programs 4 1,657,786 1,423,985 1,248,123
  1. Number of incidents per 100 employees, based on the number of FEMSA direct employees reported to the Occupational Health and Safety Administration System. Includes information on all countries.
  2. According to FEMSA’s Organizational Climate Diagnostic.
  3. Local suppliers are defined as suppliers from the country where the purchase is made.
  4. The number of direct beneficiaries is accumulated.


Our business model focuses on operating in a sustainable way that makes a positive contribution to society and the environment.